Author Topic: yayyyy, I am financially independent now!!!  (Read 2023 times)

whywork

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yayyyy, I am financially independent now!!!
« on: January 19, 2021, 01:19:07 PM »
Just checked my investment accounts and I reached 1.85m. At 4% swr, this gives me 6166$ per month. Our current rent is 2800 and expenses (pre-covid) were 3300. This exactly totals to 6100 and I am officially financially independent as of this moment. yayyyyyyyyyyy. Jumping in joy. Will skip that next work update meeting ;)

- Sam

aliene

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Re: yayyyy, I am financially independent now!!!
« Reply #1 on: January 19, 2021, 01:25:44 PM »
Thats great! Congrats! When will you quit? :)

whywork

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Re: yayyyy, I am financially independent now!!!
« Reply #2 on: January 19, 2021, 04:17:54 PM »
Thats great! Congrats! When will you quit? :)

Thanks. My FIRE number is much higher. We have two children who will go to college in 6 and 11 years. Assuming their college tuition plus living expenses cost about 60k / year. This will need me another 500k to pay for this. So my barebones FIRE number will be 2.5m. But instead of spending off the 500k for college tuition, it will be good to make it from investment returns alone which would require 1.5m invested (to get 60k / year). That way even after kids college, I will have additional of 1.5m as a buffer. So I am aiming for 3.5m as my FIRE number.

Hope to achieve that in 3-4 years from now (assuming my stock investments continue to perform well)

bbqbonelesswing

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Re: yayyyy, I am financially independent now!!!
« Reply #3 on: January 19, 2021, 06:16:29 PM »
Totally, unquestionably, badass!

Skip all the meetings you want from now on.

draco44

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Re: yayyyy, I am financially independent now!!!
« Reply #4 on: January 19, 2021, 08:13:33 PM »
That's wonderful news! Great job!

Dicey

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Re: yayyyy, I am financially independent now!!!
« Reply #5 on: January 19, 2021, 10:07:21 PM »
Congratulations!

cool7hand

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Re: yayyyy, I am financially independent now!!!
« Reply #6 on: January 20, 2021, 04:55:21 AM »
Most impressive!

ctuser1

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Re: yayyyy, I am financially independent now!!!
« Reply #7 on: January 20, 2021, 05:42:30 AM »
Congratulations!


ericrugiero

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Re: yayyyy, I am financially independent now!!!
« Reply #8 on: January 20, 2021, 08:31:49 AM »
Thats great! Congrats! When will you quit? :)

Thanks. My FIRE number is much higher. We have two children who will go to college in 6 and 11 years. Assuming their college tuition plus living expenses cost about 60k / year. This will need me another 500k to pay for this. So my barebones FIRE number will be 2.5m. But instead of spending off the 500k for college tuition, it will be good to make it from investment returns alone which would require 1.5m invested (to get 60k / year). That way even after kids college, I will have additional of 1.5m as a buffer. So I am aiming for 3.5m as my FIRE number.

Hope to achieve that in 3-4 years from now (assuming my stock investments continue to perform well)

That's obviously totally your choice and I certainly can't criticize what you decide to do.  But, I would encourage you to think about what you are saying.  Right now, you are paying for kids expenses (and will continue to pay for them through college).  After the kids get out of college, the expenses for them go way down and you have twice what you are currently spending.  You are proposing using the 4% rule for what is a 4-8 year expense.  That's VERY conservative.  There is nothing wrong with that, but you would end up working longer than needed.   

Regardless, you did a great job reaching FI. Congratulations!

AlanStache

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Re: yayyyy, I am financially independent now!!!
« Reply #9 on: January 20, 2021, 08:57:20 AM »
Congrats. 

I too am newly (or near as makes no difference) at my FIRE number.  Feels odd, did not expect to be here for a few more years.  Do you (and SO) expect to pull the cord and exit the work force?  I dont think I am mentally at that point where I could leave, then covid just makes everything so much more messy.

Car Jack

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Re: yayyyy, I am financially independent now!!!
« Reply #10 on: January 20, 2021, 09:13:20 AM »
Nice job and it sounds like you're being realistic about future expenses, keeping in mind that 4% gets you 30 years of expenses....not forever.  Your college number predictions are good.  I'm saying all this looking in the mirror.  I planned for $1M for my 2 kids college costs.  It looks like that's all behind me now (younger one may decide to go back some day).  I use 2% to have plenty of cushion.  Plus I'm older, so 30 years for me means after I'm dead. 

meandmyfamily

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Re: yayyyy, I am financially independent now!!!
« Reply #11 on: January 20, 2021, 01:53:17 PM »
Wow!  That must feel great!

nancy33

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Re: yayyyy, I am financially independent now!!!
« Reply #12 on: January 21, 2021, 12:22:43 AM »
Congratulations!

TheFrenchCat

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Re: yayyyy, I am financially independent now!!!
« Reply #13 on: January 21, 2021, 09:45:01 AM »
Wow, that's quite the accomplishment! 

dandarc

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Re: yayyyy, I am financially independent now!!!
« Reply #14 on: January 21, 2021, 10:11:13 AM »
Wooo!

soccerluvof4

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Re: yayyyy, I am financially independent now!!!
« Reply #15 on: January 21, 2021, 12:44:28 PM »
Well done!

lemanfan

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Re: yayyyy, I am financially independent now!!!
« Reply #16 on: January 21, 2021, 01:53:59 PM »
Nice!

Chris Pascale

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Re: yayyyy, I am financially independent now!!!
« Reply #17 on: January 21, 2021, 06:55:52 PM »
This is really terrific. Congratulations.

I'd like to say that $60k is so much for college, but my oldest is at a public school and if she was allowed to dorm the minimum cost would be $24k.